Stocks in Focus on July 5: Jet Airways, Maruti to Hindalco; here are the 5 Newsmakers of the Day
There were certain stocks that made news after the markets were closed for trading and can impact the market after they reopen.
Ahead of the presentation of the Union Budget 2019, the domestic markets closed on a positive note on Thursday, July 4, 2019. But, there were certain stocks that made news after the markets were closed for trading and can impact the market after they reopen for trading purposes on Friday, July 5, 2019. Here is a list of five such stocks:
Jet Airways: Ministry of Corporate Affairs (MCA) on Thursday ordered Serious Fraud Investigation Office (SFIO) to carry out the investigation into alleged mismanagement/siphoning of funds and unspecified financial irregularities at Jet Airways, which halted operations in April 2019 after running out of cash.
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Maruti: Competition Commission of India (CCI) on Thursday ordered an investigation into allegations that Maruti Suzuki controls the resale price maintenance arrangement with dealers. India’s antitrust body has said that it is looking into allegations that Maruti forces its dealers to limit the discounts they offer, effectively stifling competition among them and harming the consumers. Resale price maintenance refers to an arrangement between a buyer and seller wherein the resale price is stipulated by the seller. The CCI has now asked its investigations unit to complete the probe within 150 days.
KRBL Limited: The Enforcement Directorate (ED) has attached properties worth Rs15.32 crore under Prevention of Money Laundering Act, 2002 (PMLA) belonging to KRBL Ltd in connection with 2008 Embraer deal case. The attached assets include land and rice mill factory located at Tehsil Dhuri, District Sangrur, Punjab.
Tata Sponge Iron: Usha Martin has said that it has completed the transfer of the operative iron-ore mine and coal mine under development to Tata Sponge Iron.
Hindalco Industries: European anti-trust has raised objections on Kumar Mangalam Birla’s Hindalco Industries plans to buy aluminium producer Aleris Corp to expand as a supplier to the car industry. Novelis in a statement has said that the European Commission has sent it a statement of objections to proposed purchase. Regulators said in March that they were worried the deal could lead to less choice for consumers and higher prices for aluminium sheets used to make cars.
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